Multifamily loan closing requirements (Repealed)

Prior to the advance of any funds to the mortgagor from the mortgage loan, CHFA shall require that the mortgagor deliver to CHFA the mortgage deed, note, and other documents required by the mortgage commitment or deemed by CHFA to be necessary to assure that the proposed housing will be completed and shall require that the mortgagor deliver to CHFA the following in a form and upon terms acceptable to and approved by CHFA, without limitation by reason of enumeration: (a) a construction contract with the general contractor with a guaranteed maximum price including not less than a one-year warranty for construction defects; (b) all building and other permits, licenses, waivers, variances, and approvals necessary for the construction of the proposed housing project; (c) a mortgagee's title policy, with a company and in a form acceptable to CHFA, containing no exception other than those approved by CHFA; (d) a currently dated survey within the standards of Class A-1 or A-2 of the code of the Connecticut Association of Land Surveyors showing all existing buildings and improvements, lot and building lines, encroachments, watercourses, wetlands, significant topographical features, easements, zoning classification, and other pertinent matters required by CHFA; (e) agreements with the design architect and supervising architect, together with evidence of their professional liability insurance coverage in amounts established by CHFA for each proposed housing project; (f) solvency certificates stating that the financial condition of the mortgagor has not suffered any material adverse change from the date of the mortgage loan application; (g) a management agreement with the proposed management agent for the proposed housing project; (h) complete cost breakdowns from the general contractor and mortgagor and from such other contractors and material suppliers as CHFA may require, in each case together with certifications that the proposed housing project or portions thereof can be built at the cost shown in said cost breakdowns; (i) an opinion of an attorney for the mortgagor stating without limitation that the mortgagor is validly organized and existing, has authority to perform its obligations under the loan commitment, is bound by the mortgage note and other closing documents, and has no defenses to any action or proceeding to enforce any closing documents and that all applicable zoning, building, safety, ecological and environmental laws, codes, and regulations have been complied with and all appeal periods have expired, building permits have been legally issued, and construction in accordance with the plans, drawings, and specifications is authorized thereby; (j) fire and other hazard insurance policies providing for such coverage, terms, deductibles, insureds, and loss payees as CHFA may require; (k) an agreement to expend not less than such percentage of the proceeds of the mortgage loan for the acquisition, construction, or reconstruction of residential real property as may be required by CHFA to insure that any interest on bonds, bond anticipation notes, and other obligations issued by CHFA remains exempt from taxation; (l) agreement that advances of mortgage proceeds shall be made no more frequently than once per month unless otherwise agreed to by CHFA; and (m) documents satisfactory to CHFA evidencing the commitment of any federal, state, or local government, or agency thereof, to provide any insurance, subsidy, grant, tax abatement or other assistance for the benefit of the proposed housing project.